Project Dunbar might light a match under central banks outside of Asia to speed up the development of central bank digital currencies (CBDCs) – including the U.S.
As announced through the Bank of International Settlements (BIS) in September, Project Dunbar will take shape as a CBDC platform, where several countries will issue CBDCs geared toward wholesale, cross-border use cases.
The cross-border settlement trials, according to the BIS, will include the Monetary Authority of Singapore (MAS), the Reserve Bank of Australia, Bank Negara Malaysia and the South African Reserve Bank.
The announcement follows the July details of research from the BIS, which found that the key focal points of CBDCs should include interoperability and coordination between banks.
